Morning Minutes

Stocks Bounce Back to Start November




Stock markets around the world have started November off in the green. US index futures are up 0.7%-1.3%, essentially clawing back yesterday’s US index losses of 0.4%-1.0%. European markets are also climbing with the FTSE up 1.5% and the Dax up 1.3%. Asia Pacific trading saw Hong Kong soar 5.2% and Shanghai gain 2.6%.

Investors appear to be responding favorably to generally positive Manufacturing PMI reports that came out overnight. Australia, Japan and Switzerland all remained above 50 in expansion territory. China Caixin and the UK were slightly below 50 but better than street expectations and improved from last month. Canadian Manufacturing PMI (street 51.4) is due at 9:30 am EDT. The US ISM Manufacturing (street 50.0), ISM prices paid (street 53.0), and ISM new orders (street 49.1) reports are all due at 10:00 am EDT the same time as US construction spending (street -0.5%). US ADP payrolls are due at 8:15 am EDT tomorrow (street 193K).

Investors have responded favorably to this morning’s round of earnings reports. Uber missed on earnings but beat the street on sales ($8.3B vs street $8.1B) and is up 9.4% premarket. Pfizer is up 3.1% premarket after beating expectations on earnings. Thomson Reuters also turned in positive numbers ($0.75 vs street $0.67). Companies reporting later today include chipmaker AMD, and AirBNB.  

It is also a busy week for central bank news and commentary. Overnight, the Reserve Bank of Australia raised its benchmark rate by 0.25% as had been widely expected. This evening, Bank of Canada Governor Macklem and Reserve Bank of New Zealand Governor Orr are speaking. Tomorrow brings the latest Fed decision on interest rates, followed by the Bank of England on Thursday.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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